UPDATED: Annual Results 2010: Union Bancaire Privée Achieves Net Profits of CHF 216 Million as it Implements its new Private Banking and Asset Management Strategies

This is an Updated Version of the Press Release: "Union Bancaire Privee achieves net profits of CHF 216 million as it implements its new Private Banking and Asset Management strategies" That was Distributed Today at 10:00 GMT.

GENEVA, January 26, 2011 -

    - Union Bancaire Privée (UBP) achieves net profits of CHF 216
    million (USD 230 million) for the 2010 financial year as it implements
    its new strategies for Private Banking and Asset Management.

    - Assets under management totalled CHF 65 billion (USD 69
    billion) as at 31 December 2010, mainly affected by negative exchange
    rate effects.

    - A strong financial base and a Tier 1 ratio of 24.1% is
    maintained through careful risk-management and a tight rein on the
    balance sheet

Stable earnings

For the 2010 financial year, UBP's consolidated net profit
reached CHF 216 million (USD 230 million), identical to 2009. As at 31
December 2010, assets under management came to CHF 65 billion (USD 69
billion), versus CHF 75 billion at the end of 2009. These were mainly
affected by negative exchange-rate effects.

Revenues were CHF 766 million (USD 816 million) for the year
versus CHF 806 million for 2009. Interest income remained almost unchanged at
CHF 162 million versus 166 million in 2009. Trading came in at CHF 195
million (USD 208 million), boosted by particularly good market conditions.
Operating expenses remained firmly under control (-1%) at CHF 493 million
(USD 525 million). This figure takes into account the investment made in
reorganising the Asset Management division. The Group's consolidated
cost/income ratio was 65%.

Sound financial base

The balance sheet total reached CHF 18 billion (USD 19
billion), and the return on shareholder equity for the 2010 financial year
was 12.8%. Overall, the balance sheet remained stable, with a high level of
liquidity. By pursuing a conservative approach to risk-management, UBP has
maintained a solid financial base and a strong balance sheet. With a Tier 1
capital ratio of 24.1%, UBP is one of the best-capitalised banks in
Switzerland. The 2010 results include the agreement the Bank reached with the
US liquidator dealing with the bankruptcy of Bernard L. Madoff Investment
Securities, which allowed UBP to bring a final close to this chapter.

Growing new markets

After two years of profound changes to the international
financial and economic landscape, 2011 will see the crystallisation of all
the Bank's efforts. The aim of Private Banking is to develop growth markets,
such as the Middle East, Asia, Eastern Europe and Latin America, and to grow
its European onshore client base. Asset Management has launched a new range
of in-house managed investment funds with around fifteen products, carefully
tailored to meet client needs and with a particular focus on emerging
markets.

As a global asset manager, UBP is committed to providing
innovative investment solutions suited to the new market environment, with
the highest levels of service quality and transparency. With its good 2010
results, newly-recruited renowned experts and financial solidity, the Bank is
facing the future with confidence as it continues to provide its clients with
the very best investment services.

Editors' note

Union Bancaire Privée (UBP) is based in Geneva and is one of
Switzerland's leading private banks. Active in the field of asset management
for both private and institutional clients and with a very solid balance
sheet, the Bank had more than CHF 65 billion (USD 69 billion) in assets under
management as at 31 December 2010. UBP employs around 1,200 people in some
twenty locations worldwide and provides a complete range of products and
innovative investment solutions, both in traditional and alternative asset
management, with the aim of seeking out performance and attaining its
clients' objectives.

    For further information
    Jérôme Koechlin -
    Head of Communications:
    Tel. +41-58-819-26-40
    e-mail jko@ubp.ch

For further information: Jérôme Koechlin - Head of Communications: Tel. +41-58-819-26-40, e-mail jko at ubp.ch